Meat & Poultry -- January 2014 - 10

Business Notes

Allen Bros. acquired by The Chefs' Warehouse
Chicago-based Allen Brothers, one of the last indepen-

heat-and-serve entrées, appetizers and even desserts. Ser-

dent premium steak companies in the US, was acquired

vicing major steakhouses, hotels, country clubs and more,

by The Chefs' Warehouse Inc., a Connecticut-based food

Allen Brothers concentrates primarily on the white table

distributor, in a deal reportedly valued
at $20 million plus $9.9 million in debt
and future payouts.

cloth restaurant segment.
"Having a partner like Chefs' Warehouse will only enhance our opportunities to continue building our brand,

The company said it plans to sell

as well as provide a terrific future for our employees and

more products direct to consumers

customers," said Todd Hatoff, president and CEO of Al-

through the online-sales platform that

len Brothers.

Allen Brothers built. Allen Brothers is

specialty food products. Most of its customers are inde-

million in sales this year, according to

pendent restaurants and fi ne-dining establishments on

a news release. Allen Brothers offers

the East and West Coasts. Until acquiring Allen Brothers,

Prime beef, both dry- and wet-aged, as well as Wagyu

the company had little presence in the Midwest outside

beef. Other products include premium pork, veal, lamb,

of Ohio. Its revenues were approximately $480.3 million

poultry, wild game, seafood, as well as burgers, hot dogs,

Todd Hatoff

Chefs' Warehouse is a publicly traded distributor of

expected to have $80 million to $85

in 2012, and it has been growing through acquisition.

Turkey, peanut butter drive Hormel earnings growth
Capping a year that included the purchase of the Skippy

during the quarter increased to $2,323,202,000 from

peanut butter brand and the rollout of Rev snack wraps,

$2,170,184,000 in the same quarter of the previous year.

Hormel Foods Corp. posted record fiscal sales and a 5

Skippy drove a large portion of sales during the quarter

percent increase in income.

with strong results from Jennie-OTurkey Store and value-

For the year ended Oct. 27, the company had net earn-

added products in the Refrigerated Food segment that off-

ings of $530,076,000, equal to $1.99 per share on the

set a decrease in profit from the Specialty Foods segment.

common stock, up from $504,961,000, or $1.90 per share,

"We expect to deliver continued sales and earnings

during fiscal 2012.
Net sales increased 6 percent to $8,751,654,000 from
$8,230,670,000 during the previous year.

growth in fiscal 2014," Ettinger said. "We expect to benefit
from lower grain and turkey commodity costs, while high
beef input costs and uncertainty of hog supplies may off-

"We achieved excellent results in the fourth quarter

set some of those gains head-

with earnings per share growth of 18 percent and sales up

ed into the new year. Tak-

7 percent," said Jeffrey Ettinger, chairman of the board,

ing all of the relevant factors

president and CEO. "We delivered both segment profit

into account, we are setting

and sales increases in four of our five segments. We are

our 2014 earnings guidance

pleased with our team's ability to drive earnings growth

range at $2.17 to $2.27 per

through our ongoing efforts to improve operational effi-

share."

ciencies and focus on expanding our valueadded franchises, providing strong momentum heading into fiscal 2014."
Net earnings for the fourth quarter
climbed to $157,340,000, or 60 cents per
share, from $132,601,000, or 50 cents per
share, during the prior-year period. Net sales

* Meat&Poultry * January 2014 * www.MeatPoultry.com

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Meat & Poultry -- January 2014

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